EURO REVOLUTION SPEEDS PACE OF CORPORATE CHANGE.(BUSINESS)

Byline: ANNE SWARDSON Washington Post

PARIS -- Judged by its value against the U.S. dollar, Europe's new single currency has not fared very well in its first year of existence. Since its inception last Jan. 1 at a value of $1.17, the euro has fallen to virtual parity against the greenback.

But the decline in the euro's value has obscured its true impact, financial experts say: The euro in its first year has completely reshaped Europe's capital markets and the way companies do business.

It has created an enormous new market for corporate bonds, the bread-and-butter of corporate finance. It has provided European companies with a source of financing …